1416.What are the reporting requirements for self-employed people?

If you are self-employed and have net earnings of $400 or more in any taxable year, you must:

1. Complete Form 1040 (U.S. Individual Income Tax Return) including Schedule C (Farmers use Schedule F instead of Schedule C);

2. Complete Schedule SE (Computation of Social Security Self-Employment Tax); and

3. Send the return and schedules to IRS with the balance of any self-employment tax that is due.